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Copper flops to YTD low following weak Chinese economic data

Published 06/28/2018, 04:14 PM
© Reuters.  Copper flops to YTD low following weak Chinese economic data
TECK
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FCX
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HG
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VALE
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SCCO
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RIO
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BHP
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CPER
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  • Copper prices settled at a six-month low after the release of weak Chinese economic data provided fresh signals of slowing growth in the country.
  • Comex July copper fell 1% to $2.9535/lb. as Chinese power-grid investment and property completions slumped a respective 21% and 10% last month, WSJ reports, prompting some analysts to forecast that economic growth in China will slow in H2 of the year, particularly in the metal-intensive sectors of infrastructure and housing.
  • With uncertainty still surrounding both trade relations and China’s economic growth, “we do not see the current weakness in the metal markets as a buying opportunity,” says Carsten Menke, commodities research analyst at Julius Baer.
  • Relevant tickers include FCX, BHP, RIO, VALE, TECK, SCCO.
  • ETFs: JJC, CPER, CUPM
  • Now read: Teck Resources (TECK) 2017 Sustainability Report - Slideshow


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